v3.26.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net income $ 4,838 $ 2,655
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 6,402 5,624
Write-off and amortization of deferred financing fees and debt discounts 253 211
Amortization of above/below market leases (834) (742)
Amortization of intangible liability (62) (88)
Casualty and impairment losses 27 435
Loss on sale of real estate assets 0 49
Gain on insurance proceeds received for damage due to property (157) 0
Equity based compensation 2,552 2,351
Deferred rent receivable (980) (515)
Other (3) (6)
Changes in assets and liabilities:    
Rent and other receivables 729 1,725
Prepaid expenses and other assets 1,216 683
Accounts payable, accrued expenses and other (3,044) (1,564)
Net cash provided by operating activities 10,937 10,818
Cash flows from investing activities:    
Acquisition of real estate (34,635) (15,140)
Proceeds from sale of real estate assets 0 825
Escrows for acquisition deposits (240) (653)
Capital improvements (1,092) (660)
Insurance proceeds related to property damage claims 157 0
Other investing activities (19) (130)
Net cash used in investing activities (35,829) (15,758)
Cash flows from financing activities:    
Repayments of secured borrowings (112) (104)
Proceeds from term loans 15,000 0
Proceeds from revolving credit facility 30,000 17,000
Repayments of revolving credit facility (20,000) (7,000)
Net proceeds from issuance of shares 11,256 1,890
Debt issuance costs (648) (5)
Proceeds from issuance of ESPP shares 68 61
Repurchase of common stock for tax withholding obligations (940) (331)
Dividends and distributions (8,776) (7,382)
Other financing activities (263) (167)
Net cash provided by financing activities 25,585 3,962
Net increase (decrease) in Cash and Escrows and Reserves 693 (978)
Cash and Escrows and Reserves at the beginning of period 2,097 2,543
Cash and Escrow and Reserves at the end of period 2,790 1,565
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Operating partnership units issued for property acquisitions 743 1,026
Unrealized gain (loss) on derivative instruments, net 1,160 (2,844)
Reallocation of non-controlling interest 2,139 2,336
Reclassification of acquisition deposits included in prepaid expenses and other assets 263 197
Accrued capital expenditures included in accounts payable and accrued expenses 496 465
Accrued deferred financing costs included in accounts payable and accrued expenses 93 0
Reclassification of construction deposits included in prepaid expenses and other assets 77 38
Accrued costs of capital included in accounts payable and accrued expenses 76 72
Shares issued upon redemption of operating partnership units $ 72 $ 0